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World War II was a devastating time for the world. And after the destruction and fighting was over the world’s citizens craved normalcy. Buy a sweet little house in suburbia, drive a Cadillac and join in the baby boom. Between 1946 and 1960, the United States witnessed a significant expansion in the consumption of goods and services. Gross national product rose by 36 percent and personal consumption expenditures by 42 percent. Because of technology innovation the world saw a growth in corporations and the decline of the mom and pop business. It was also a time of difficulty for many who struggled to gain civil rights, and women were expected to stay home with the kids as men were the major bread winners. For many “things” represented milestones in life. By the end of the 1950s, 87 percent of all U.S. families owned at least one television, 75 percent owned a car, and 60 percent owned a home. It wasn’t just the middle class, by 1960, blue-collar workers had become the most prolific buyers of many luxury goods and services. By the early 1970s, post-World War II U.S. consumers enjoyed higher levels of disposable income than those in any other country.

But today it’s a different story. Firstly, let's establish that both millennials and every other generation are opting out of accumulating stuff and exploring experiences instead. People young and old are opting for experiences over things. These markers of success are no longer as meaningful as they once were. And while young and old are both changing their buying habits, today we are focusing on millennials. As kids millennials saw their parents' lives crumble as a result of the financial meltdown, and watched as their parents lost their life savings to the banks and Madoff’s Ponzi scheme. Now the new normal is to see people in their 70s working at grocery stores when they should be retired. People have become increasingly disillusioned with the status quo. As a result of changing times, millennials want to seize the moment, and they are skipping the mall for carpe diem. People want to experience all that life has to offer, and since acquiring things no longer dictates your class or status in life, millennials are simply enjoying experiences over things, access over ownership. Many millennials opt to live in cities and rent rather than buy a home in the suburbs, and they don’t feel limited by this life choice, but rather freed by it. My fellow millennial women are waiting to have children. In fact the average age mother of first time moms in San Francisco where I live is 32.9 for (married women with a college degree). Access over ownership, and living life on their terms are trends not going away for millennials. I wrote about this phenomenon in 2015, and the trend has only continued to grow.

As millennials get older and their salaries increase, many brands are meeting the demand and offering experiences instead of possessions.

A staggering 74 percent of Americans prioritize experiences over products. The focus on experiences is closely related to the growth of the sharing and experience economy. Why pay for a taxi when you can meet someone new riding in an Uber? Why climb the corporate ladder for a corner office when you can be a freelancer and have the freedom to work from anywhere in the world?

The rise of the experience economy has changed a lot of what we do, and many customers don’t even realize it. Instead of playing board games at home, people now go to escape rooms. The typical bar experience has been replaced by organized bar crawls, scavenger hunts and distillery tours. Even running has turned into an experience with the growth of novelty races, including 5Ks with bubbles, beer and rock bands. It’s all about having a unique experience and being able to share it with others.

Why do millennials value experiences over things? Because it makes them happy. And they aren’t wrong—studies have found that spending money on experiences brings more lasting joy than spending money on things. Experiences are also more shareable, which is important to younger generations. It’s easier and more effective to share pictures and stories from a hike or cooking class than it is to show pictures of a new TV you just bought.

Building Community Through Experiences

For millennials, the most important things in life are experiences and relationships instead of possessions. 65 percent of millennials are currently saving money to travel, which is more than the average for other generations.

Airbnb is leading the trend with its new Experiences offerings. Have a hobby you want to share? Know a hole-in-the-wall restaurant only locals visit? People around the globe can sign up to lead groups and individuals through experiences to immerse travelers into their world. Instead of just traveling and seeing tourist traps, Airbnb users can now see things from a local’s point of view on anything from a food tour through Montreal to a kimono sewing class in Tokyo. The goal is for guests to experience things they wouldn’t be able to otherwise and to build a community of travelers.

LVMH recently purchased luxury travel company Belmond with plans to make traditional luxury travel less about opulent hotels and accommodations and more about one-of-a-kind experiences. Modern consumers care more about creating an Instagram-able memory than purchasing the hottest new product.

Closer to home, Capital One Cafes have turned the traditional banking experience into something bigger than just cashing checks. At the cafes around the country, people (even non-Capital One customers) can get coffee, work, chat with friends and get help with their banking needs. The experience is greater than just completing a task; it’s about enjoying the journey and connecting with people. Banking is now a chance to build community instead of a solo errand.

Creating New Kinds Of Experiences

Even typical object-based industries are changing to become more experiential. Many malls are moving from traditional product-focused retail shopping to experience centers. Instead of pushing products, brands like T-Mobile and Casper else are creating showrooms where customers can experience the product, make a memory and buy something if they desire.

Similarly, malls of the future could include “betterment zones” that focus relaxation and mindfulness. Instead of the non-stop shopping atmosphere, customers could relax, learn new meditation techniques and experience a calming ritual.

Not Just For Millennials

Millennials may be leading the experience-first trend, but they aren’t the only group participating in it. As many Baby Boomers enter retirement, they fall into the “less is more” mentality and put more value on relationships and experiences than things. Clearly, this isn’t a trend that will be going away any time soon.

Success is no longer tied directly to the size of your bank account or your office. Instead, millennials are changing the definition by focusing on purpose-driven work and relationships. Companies that can transform to become more experience-focused are the ones that will succeed in the changing world.

Blake Morgan is a keynote speaker, futurist and author of "More Is More." Sign up for her weekly customer experience newsletterhere.

Blake Morgan is a customer experience futurist. Blake is the author of two books on customer experience. She is the author of the new book "The Customer Of The Future: 10

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Blake Morgan is a customer experience futurist. Blake is the author of two books on customer experience. She is the author of the new book "The Customer Of The Future: 10 Guiding Principles For Winning Tomorrow's Business" (HarperCollins). Her first book was 'More is More: How The Best Companies Work Harder And Go Farther To Create Knock Your Socks Off Customer Experiences." Blake's clients include Comcast, Genentech, Accor Hotels, Accenture, Parker Hannifin, Ericcson, Omron, Verizon, Adobe and more. Blake is a guest lecturer at Columbia University and adjunct faculty at the Rutgers MBA program. She is a contributor to Forbes and the Harvard Business Review. Blake is the host of The Modern Customer Podcast and a weekly customer experience video series on YouTube. She's worked with Accenture, Intel, Verizon Wireless, and many more. She lives in the Bay Area with her husband, daughter and their two dogs.